TheSupportResistanceTrader
Long

Longing GBPCHF AT STRUCTURE, FIB CLUSTER AND "BROKEN FANG"

FX:GBPCHF   British Pound / Swiss Franc
The GBPCHF             has multiple times bounced from the grey box but is now ready for a second retest. We look to long it when it comes back down into the 1.509s again as we then get what i call the "broken fang" setup meaning that price prints higher highs but equal lows. We can also see that we have confluence at this area as there are 2 fibonacci levels coming together here. The .236 from the big move and the .618 from the smaller leg.

Our stops go below the resistance box and I'm hoping to catch a 1:3 on this one as price should come back up to at least 1.519. Moving my stops to breakeven when price hits 2/3 of profit.

We can also see that we are currently in an uptrend (higher highs (pink lines) and higher lows (blue lines)).

Good luck everyone and as usual, hold your thumbs!
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